Zakat is one of the pillars of Islam. It is obligatory on men and women. It is like a tax that the rich people have to pay and is used for the well-being of Muslims and the Islamic State. This is an obligation and is strictly followed by most of the Muslim countries. There are many questions such as who should pay zakat, who will collect it, what is the rate, what are the things for which zakat is payable and where they will be used.
Who should pay Zakat?
Muslims who pay zakat meet the following rules:
• The individual ought to be a Muslim, grown-up, normal, and free (not a slave).
• They must possess a certain measure of additional wealth (called Nisab), completely claimed by them in surplus of individual consumption, (for example: garments, jewelry, house, family furniture, utensils, autos, and so on).
• They should have had this wealth in ownership for a complete lunar year (hawl).
• The fortune ought to be of a beneficial nature, from which they can infer benefit or profit, for example stock for business, gold, silver, farm animals, and so on.
• The least measure (or Nisab) ought not to be owed to somebody, i.e., it ought to be free from obligation/debt.
In the event that the measure of cash one controls is more than the quality of 592.9 grams of silver, and one possesses this cash for more than a lunar year, then it is required for one to pay zakat on it.
Case in point, if the cost of silver all through the year was 0.25 USD for every gram, then zakat is just mandatory provided that one possessed 148.23 USD (i.e., 0.25 USD for every gram * 592.9 grams) or progressively all through the zakat year.
Provided that zakat comes to be expected on one’s cash as clarified above, one must pay 2.5% of the cash in zakat. Case in point, provided that one owes zakat on 10,000 USD, one might pay 0.025 x 10,000 USD = 250 USD in zakat.
Yes, one must pay zakat on inherited cash, yet just after one claims it for a lunar year. Assuming that the perished from whom one is inheriting the cash did not pay zakat on the cash throughout his lifetime, one might additionally need to figure the measure of zakat that he owed when he ceased to exist and after that pay that sum to qualified zakat beneficiaries too.
One holds up until a lunar year passes after one inherited it, and afterward pays 125 USD (i.e., 0.025 x 5,000 USD) in zakat.
One must compute the measure of zakat that was expected every year and pay it quickly. For instance, assuming that one possessed 5000 USD from Muharram 1420 to Muharram 1423 without paying zakat on it, one might pay zakat as accompanies.
In Ramadan 1428, one owed 0.025 * 5000 USD = 125 USD in zakat.
In Ramadan 1429, one owed zakat on the definitive sum short the unpaid zakat from the past year, i.e., on 5000 USD -125 USD = 4875 USD. The measure of zakat due was along these lines 0.025 * 4875 = 121.875 USD.
In Ramadan 1429, one owed zakat on the definitive sum short unpaid zakat from past years, i.e., on 5000 USD -125 USD -121.875 USD = 4753.125 USD. The measure of zakat due was along these lines 0.025 * 4753.125 = 118.828125 USD.
The aggregate sum due from past years is thusly 125 USD + 121.875 USD + 118.828125 USD = 365.71 USD (gathered together for alert).
Zakat is one of the finest forms of tax which is also a form of accepting the commandment of God. It is not only beneficial for running the state affairs and the poor, but also purifies ones wealth. Allah the Almighty has assured to reward for those who pay zakat not only in this world but the world after death.
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